NPCI has launched several consumer friendly systems including one that allows users to transfer money to people over mobile phones across India.
He said digitisation was aimed at bringing in accountability and added that more cash would bring with it social evils.
Instructions were issued on holding loan camps in the last week of September.
PM has asked the Reserve Bank to prepare a 20-year road map for financial inclusion
Your promise to protect bankers for their commercial decisions is a huge confidence booster, but how does one define a commercial decision? Are our investigative agencies well equipped to dissect lending decisions of bankers?
More than 127 million new bank accounts have been opened.
Banks now ride on what is defined as a "banking outlet". This is a fixed-point service unit, manned by either the bank's staff or its business correspondent (BC), where all kinds of services - acceptance of deposits, encashment of cheques, cash withdrawal or lending of money - are provided for a minimum of four hours per day, for at least five days a week. Banks are now turning to reposition the manner in which they acquire customers, report Abhijit Lele and Raghu Mohan.
The government plans a mega launch of the Pradhan Mantri Jan Dhan Yojana (PMJDY) by Prime Minister Narendra Modi on August 28, which is likely to see opening of one crore bank accounts on the first day itself.
HSBC maintained "overweight" rating on Indian equities, saying "fundamentals are strong".
From Singapore to Almora, Abhishant Pant has survived without cash, and he wants to continue in that state all his life.
Customers have other options available to them to do low-value transactions, if wallets start mandating full KYC and would switch to those.
The Jan-Dhan accounts are zero balance accounts, comes with a life cover of Rs 30,000 per person, and an accidental cover of Rs 100,000. An active user of the account can also get overdraft facility of Rs 5,000 from banks.
Bureaucrats heading disinvestment and financial services usually don't get appointed as finance secretary.
Prime Minister Modi has said it is their small units that drive the Indian economy.
Payments banks are niche banks which will be allowed to function with several restrictions.
The Prime Minister stressed on achieving financial inclusion.
Pradhan Mantri Jan Dhan Yojana and Make in India -- are not covered here.
Under the scheme, which seeks to open 75 million accounts by January 26, 2015, an accident insurance cover of Rs 100,000 is provided with every RuPay debit card offered by the National Payments Corporation of India.
The Governor, who completes one year in RBI on Wednesday, has stabilised the rupee and is getting a fix on inflation.
Sitharaman cancels Myanmar trip at last moment citing launch of Modi's Jan Dhan Yojana.
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The first phase would comprise universal access to banking facilities. Under this, basic bank accounts with zero balance, RuPay debit card and financial literacy, will have to be completed in the next one year, officials said.
South leads; North-East at bottom but moves ahead, finds out the IndiaSpend Team
Pulbic banks have no reason to cheer Budget announcement.
Arun Jaitley will aim for jumps in other revenue streams for the government.
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The year 2014 was one of the most challenging years for India. For two consecutive years our GDP growth was sub 5 per cent. Employment generation had declined, the revenue buoyancy was low and the country had become investment starved.
The Pradhan Mantri Jan Dhan Yojana will provide accident insurance of Rs 100,000 to all people who open bank accounts under this scheme.
Bankers need to take a call on whether they will allow technology firms to run banks or banks themselves will turn into tech firms, says Tamal Bandyopadhyay.
'Like doctors, health workers, police, bankers are also COVID warriors,' notes Tamal Bandyopadhyay.
For the CBI, crimes are likely to become more innovative, complex, driven increasingly by technology and transcending geographical boundaries, says Anil Kumar Sinha.
The government is determined to stop generation of black money, he said.
The number of cyber crimes in India could touch 3,00,000 in 2015
The Jan Dhan scheme restricts the scope of life insurance cover to bring down burden on the exchequer.
80% of beneficiaries in 300 districts to be linked with direct benefits transfer
There were concerns that simply opening a bank account wouldn't constitute meaningful financial inclusion, as the poor would rarely use these accounts. However, recent data submitted to Parliament attests to increased account usage, says Ishan Bakshi.
The most pressing issue facing the financial sector is the rising stock of non-performing assets in the banking system
A review of key pronouncements he made in his first Independence Day Speech on August 15, 2014.
Bankers said the mammoth task of cleaning up the PSBs and improving their health will be a mammoth task for any chief executive.
The applicant must have an operational savings bank account.
Prime Minister Narendra Modi announced the financial inclusion scheme in his first Independence Day speech last year.
The government scheme has a long way to go before its ultimate goals of universal financial inclusion and financial literacy are achieved.
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